ABS-CBN headquarters in Quezon City (Photo by Maria TAN / AFP)
MANILA, Philippines — The Lopez family and a Philippine investment firm will infuse P6 billion in fresh equity into ABS-CBN Corp., boosting capital as the company continues to pare losses.
A chunk of the fresh funds, or P3.5 billion, will come from I&C Holdings Corp., a wholly Philippine-owned private investment holding company focused on long-term corporate turnarounds. Its investment will come in the form of a subscription to ABS-CBN shares.
READ: Ramon Ang buys into Lopez empire amid family rift
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